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CDFI

The U.S. Treasury Department awarded grants to five Community Development Financial Institutions (CDFI) in Missouri—and three of these recipients were credit unions! This was made possible through the Missouri Credit Union Charitable Foundation's (MCUCF) statewide CDFI initiative. To date, MCUCF has helped 25 credit unions in Missouri earn CDFI certification and apply for grants.

Alliance Credit Union employees spent August 20 going door-to-door in Ferguson and Jennings to offer local businesses emergency loans with 0% interest. Some businesses in this area have been devastated by the recent Ferguson riots.

Four credit unions that received Community Development Financial Institution (CDFI) funds are supporting outreach efforts for Bank On More, the statewide consumer outreach campaign that informs nonmembers about the benefits of credit union membership.

Electro Savings Credit Union (St. Louis) recently donated $20,000 to the Missouri Credit Union Charitable Foundation (MCUCF). This was the credit union’s way of paying it forward to help other credit unions in Missouri.

St. Louis Community Credit Union (SLCCU), in conjunction with the City of St. Louis, is launching a unique lending partnership called the Sure Rides™ Auto Loan program. This initiative is designed to help qualified clients of select workforce development agencies get to work by giving them access to affordable car loans.

Electro Savings Credit Union (St. Louis) is investing in its credit union members by having over one-third of its staff, 27 employees including President & CEO Stan Moeckli become Certified Financial Counselors.

Credit unions in Missouri now have additional resources to positively impact their communities. The U.S. Department of Treasury’s Community Development Financial Institutions Fund awarded 10 Missouri credit unions $4.79 million in grant funding. The grants are restricted to certified Community Development Financial Institutions (CDFI), which operate in niche markets that are underserved by traditional financial institutions. It’s estimated that 100 of the state’s 134 credit unions meet the U.S.

Cape Regional Credit Union and Saint Luke's Credit Union (Kansas City) just received their Community Development Financial Institution (CDFI) certifications from the U.S. Treasury. This news comes on the heels of a previous announcement that 13 Missouri credit unions made history when they received a mass CDFI certification - the largest number of CDFI certifications granted in one state at one time.

Holy Rosary Credit Union (HRCU) (Kansas City, MO) recognized seven young entrepreneurs for their completion of Biz 101. Biz 101 is a program funded by a grant from National Credit Union Foundation and was aimed at youth from ages 17-22 with no higher education and bleak job prospects. The participants came from HRCU’s field of membership, which includes over 25 Catholic parishes.